# Aging and Bank Risk Channel

| Variable | M1: OADR → Banking | M2: + Credit Growth | M3: Youth → Banking |
|:---|---:|---:|---:|
| old_dep | 0.0492** | 0.0497** | |
| | (0.0222) | (0.0222) | |
| fiscal_bal_gdp | -0.0002 | -0.0002 | -0.0003 |
| | (0.0003) | (0.0003) | (0.0003) |
| nfa_gdp_lag | -0.0013 | -0.0010 | -0.0017 |
| | (0.0014) | (0.0014) | (0.0014) |
| rgdp_growth | -0.0011*** | -0.0011*** | -0.0011*** |
| | (0.0003) | (0.0003) | (0.0003) |
| kaopen | -0.0015 | -0.0015 | -0.0006 |
| | (0.0012) | (0.0012) | (0.0012) |
| d_gross_liab | | -0.0000 | |
| | | (0.0000) | |
| youth_dep | | | -0.0034 |
| | | | (0.0076) |
|:---|---:|---:|---:|
| N | 5489 | 5489 | 5489 |
| R² | 0.0046 | 0.0050 | 0.0038 |
| Countries | 174 | 174 | 174 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*